The yield curve remains relatively flat; short rates have moved up and long rates have moved down since last month. The often-watched 3-year, 3-month spread has narrowed from 64 basis points to 47, and the popular 10-year, 3-month spread has moved from 70 basis points to 48. Both remain well below their historical averages of 80 and 120 basis points, respectively. The middle range continues to show an inversion, with 7-year rates 8 basis points above 10-year rates.
Suggested citation: “Interest Rates,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-06, pp. 06, 06.01.1998.